SFMEDIC CHAT - Dinar Speculator

Chat 12/26/09 5pm CST
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I think people where confused about what the ISO meant...IT IS IRRELEVANT. IT IS NO DIFFERENT THAN THE NUMBER THAT IS ASSIGNED IRAQ FOR THE IQD ON FOREX. ACTUALLY THERE ARE A COUPLE THINGS TO WATCH IF THIS DRAGS OUT PAST NEXT WEEK OR EVEN DURING THE WEEK. THE IMF GDDS. IT SAYS NEW NEXT TO IRAQ, BUT LOOK TO SEE IF NEXT TO IT IS POSTED (UPDATED), LIKE LIBYA. THEN THE NEXT PLACE IS OFAC. http://www.treas.gov/offices/enforce...raq/iraq.shtml

THERE IS LISTED NOW THE PDF FOR IRAQ TO REQUEST BEING REMOVED FROM THE OFAC LIST. IT HAS THE SANCTIONS AND WHY (WHICH I POSTED JUST A BIT AGO). ALSO I POSTED UNSC RESOLUTION 1483 WHICH IS THE REASON THEY ARE ON OFAC. OK ALL DONE.

CHAPTER VII Sanctions UNSC Explanation 1483
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Resolution 1483 (2003)
Adopted by the Security Council at its 4761st meeting, on 22 May 2003 The Security Council, Recalling all its previous relevant resolutions, Reaffirming the sovereignty and territorial integrity of Iraq, Reaffirming also the importance of the disarmament of Iraqi weapons of mass destruction and of eventual confirmation of the disarmament of Iraq, Stressing the right of the Iraqi people freely to determine their own political future and control their own natural resources, welcoming the commitment of all parties concerned to support the creation of an environment in which they may do so as soon as possible, and expressing resolve that the day when Iraqis govern themselves must come quickly, Encouraging efforts by the people of Iraq to form a representative government based on the rule of law that affords equal rights and justice to all Iraqi citizens without regard to ethnicity, religion, or gender, and, in this connection, recalls resolution 1325 (2000) of 31 October 2000,
Welcoming the first steps of the Iraqi people in this regard, and noting in this connection the 15 April 2003 Nasiriyah statement and the 28 April 2003 Baghdad statement, Resolved that the United Nations should play a vital role in humanitarian relief, the reconstruction of Iraq, and the restoration and establishment of national and local institutions for representative governance, Noting the statement of 12 April 2003 by the Ministers of Finance and Central Bank Governors of the Group of Seven Industrialized Nations in which the members recognized the need for a multilateral effort to help rebuild and develop Iraq and for the need for assistance from the International Monetary Fund and the World Bank in these efforts, Welcoming also the resumption of humanitarian assistance and the continuing efforts of the Secretary-General and the specialized agencies to provide food and medicine to the people of Iraq, Welcoming the appointment by the Secretary-General of his Special Adviser on Iraq.

OFAC Sanctions Explanation
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Office of Foreign Assets Control, U.S. Department of the Treasury

IRAQ: WHAT YOU NEED TO KNOW ABOUT THE U.S. EMBARGO
An overview of the Executive Order 13350 and E.O.s 13315 and 13303

o INTRODUCTION - On August 2, 1990, upon Iraq’s invasion of Kuwait, President George H.W. Bush issued Executive Order No. 12722 declaring a national emergency with respect to Iraq. The International Emergency Economic Powers Act (50 U.S.C. 1701), the National Emergencies Act (50 U.S.C. 1601), and section 301 of title 3
of the U.S. Code, imposed economic sanctions, including a complete trade embargo, against Iraq. In keeping with United Nations Security Council Resolution 661 of August 6, 1990 and the United Nations Participation Act (22
U.S.C. 287c), the President also issued Executive Order 12724 on August 9, 1990, which imposed additional restrictions. Similar sanctions were imposed on Kuwait to ensure that no benefit from the United States flowed to the Government of Iraq in military-occupied Kuwait.

The Treasury Department's Office of Foreign Assets Control (OFAC),following the United Nations Security Council's adoption of Resolution 1483 which substantially lifted the multilateral sanctions with respect to Iraq, issued a
General License, which was published in the Regulations as section 575.533. Transactions arising after May 23, 2003 are permitted with most state bodies, corporations or agencies of the former Iraqi regime (see the text of the amended general license below). However, property that was blocked as of May 23, 2003 remains blocked. Effective August 29, 2003, President George W. Bush issued Executive Order 13315, blocking property of the former Iraqi regime, its senior officials and their family members. On March 16, 2004, OFAC issued General
License No. 1 pursuant to Executive Order 13315, to allow transactions occurring after May 23, 2003 with most state bodies, corporations or agencies of the former Iraqi regime (see the text of this General License after the Executive Order below). However, assets of the parastatals that were blocked as of May 23, 2003, must remain blocked.

On July 30, 2004, the President issued a new Executive Order 13350 effectively lifting the sanctions against Iraq and expanding the authorities of E.O. 13315 with regard to the former Iraqi regime, including an Annex containing the names of parties blocked under this order. These names have been incorporated into OFAC's SDN list.

o ORDERLY RECONSTRUCTION OF IRAQ - On May 22, 2003, President Bush issued Executive Order 13303, protecting the Development Fund of Iraq and the marketing and sale of Iraqi petroleum and petroleum products to assure the orderly reconstruction of Iraq, the restoration of peace and security in the country, and the development of political, administrative, and economic institutions there. It provides immunity from attachment or other judicial process against the Fund or against Iraqi petroleum and petroleum products, and "interests therein, and proceeds, obligations, or any financial instruments of any nature whatsoever," arising from or related to the sale or marketing of Iraqi petroleum or petroleum products.

o EXPORTING TO IRAQ - Effective July 30, 2004, exports or reexports to Iraq must be licensed or otherwise authorized by the Department of Commerce. All OFAC licenses, issued prior to July 30, 2004, for the exportation or reexportation of goods, software or technology to Iraq remain valid until the expiration date stated in the license, or if no expiration date is provided in the license, until July 30, 2005.

o IRAQI CULTURAL PROPERTY - Section 575.533 effective May 23, 2003 prohibits transactions with respect to Iraqi cultural property or other items of archaeological, historical, cultural, rare scientific, and religious importance
illegally removed from Iraq since August 6, 1990. Questions concerning whether Iraqi cultural property are subject to this prohibition should be directed to: Cultural Property Office, U.S. Department of State, tel: 202-619-6612, fax: 202-260- 4893, or http://www.exchanges.state.gov/culprop.html

o FINANCIAL TRANSACTIONS - All financial transactions with Iraq are allowed except for those involving individuals and entities appearing on OFAC's SDN list. This includes the opening of correspondent accounts for Iraqi financial
institutions.

o PENALTIES - Criminal penalties for violating the Iraqi Sanctions Regulations range up to 12 years in jail and $1,000,000 in fines. In addition, civil penalties of up to $325,000 per violation may be imposed administratively.

Criminal penalties for violating the Executive Order 13350, 13315 and 13303 range up to 10 years in prison, $500,000 in corporate fines and $250,000 in individual fines. In addition, civil penalties of up to $11,000 per violation may be imposed administratively.

If you have information regarding possible violations of any of the regulations, please call the Treasury Department's Office of Foreign Assets Control at 202/622-2430. Your call will be handled confidentially.